FRAVAL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 33 filings
Turnover
≈ €88,000
Estimated: probably between €48,000 and €220,000
Total assets
€115,797▼ 0.2%
2024 · €115,985
Net result
-€7,122▼ 495%
2024 · -€1,197
Working capital
€80,827▼ 12.8%
2024 · €92,698
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,313
▼ 7.4%
2025
20182025
Net result
-€7,122
▼ 495%
2025
lowest quarter of the sector
20182025
Equity
€103,032
▼ 6.5%
2025
middle half of the sector
20182025
Total assets
€115,797
▼ 0.2%
2025
lowest quarter of the sector
20182025
Debt
€12,765
▲ 119%
2025
20182025
Working capital
€80,827
▼ 12.8%
2025
middle half of the sector
20182025
Solvency
89.0%
▼ 6.0pp
2025
highest quarter of the sector
20182025
Current ratio
7.33
▼ 9.57
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.2%
▼ 5.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,395-€11,894▲ 60.8%€16,628▲ 39.8%€13,573▼ 18.4%€2,841▼ 79.1%€29,483▲ 938%€6,819▼ 76.9%€6,313▼ 7.4%
Net result€13,438-€14,671▲ 9.2%€17,720within the sector's middle half▲ 20.8%€9,522within the sector's middle half▼ 46.3%-€5,578below the sector's middle half€25,168above the sector's middle half-€1,197below the sector's middle half-€7,122below the sector's middle half▼ 495%
Equity€53,199-€67,869▲ 27.6%€85,589within the sector's middle half▲ 26.1%€91,761within the sector's middle half▲ 7.2%€86,183within the sector's middle half▼ 6.1%€111,352within the sector's middle half▲ 29.2%€110,154within the sector's middle half▼ 1.1%€103,032within the sector's middle half▼ 6.5%
Total assets€69,135-€74,494▲ 7.8%€88,413within the sector's middle half▲ 18.7%€98,457within the sector's middle half▲ 11.4%€97,881within the sector's middle half▼ 0.6%€111,626within the sector's middle half▲ 14.0%€115,985within the sector's middle half▲ 3.9%€115,797below the sector's middle half▼ 0.2%
Debt€15,937-€6,625▼ 58.4%€2,824▼ 57.4%€6,696▲ 137%€11,697▲ 74.7%€274▼ 97.7%€5,831▲ 21×€12,765▲ 119%
Working capital€44,829-€61,664▲ 37.6%€71,146above the sector's middle half▲ 15.4%€76,570above the sector's middle half▲ 7.6%€71,166above the sector's middle half▼ 7.1%€101,235above the sector's middle half▲ 42.3%€92,698above the sector's middle half▼ 8.4%€80,827within the sector's middle half▼ 12.8%
Solvency76.9%-91.1%▲ 14.2pp96.8%above the sector's middle half▲ 5.7pp93.2%above the sector's middle half▼ 3.6pp88.0%above the sector's middle half▼ 5.2pp99.8%above the sector's middle half▲ 11.7pp95.0%above the sector's middle half▼ 4.8pp89.0%above the sector's middle half▼ 6.0pp
Current ratio3.81-10.31▲ 6.5026.19above the sector's middle half▲ 15.8812.44above the sector's middle half▼ 13.767.08above the sector's middle half▼ 5.3516.90above the sector's middle half7.33above the sector's middle half▼ 9.57
Return on assets (ROA)19.4%-19.7%▲ 0.3pp20.0%above the sector's middle half▲ 0.3pp9.7%within the sector's middle half▼ 10.4pp-5.7%below the sector's middle half▼ 15.4pp22.5%above the sector's middle half▲ 28.2pp-1.0%below the sector's middle half▼ 23.6pp-6.2%below the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 7% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €115,797
Fixed assets
€22,205 ▲ 27.2%
Current assets
€93,592 ▼ 5.0%
Equity and liabilities €115,797
Equity
€103,032 ▼ 6.5%
Debt
€12,765 ▲ 119%
Debt's share of the balance-sheet total rises from 5.0% to 11.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€8,081▼
2024 · €8,179
Cash flow
-€5,354▼
2024 · €163
Debt to equity
0.12▲
2024 · 0.05
ROE
-6.9%▼
2024 · -1.1%
Interest coverage
11.78▲
2024 · 8.98
Debt ≤ 1 year
€12,765▲
2024 · €5,831
Income taxes
€12,749▲
2024 · €7,105
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,300 | €1,322 | - | €8,700 | €6,516 |
| Depreciation and write-downs of the year | €2,409 | €1,497 | €4,900 | €1,360 | €1,768 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,996 | - | €2,479 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,329 | €1,007 | €1,261 | €2,409 | €1,497 | €4,900 | €1,360 | €1,768 | ▲ 29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,776 | - |
| Other operating charges640/8 | - | - | - | €823 | €1,413 | €367 | €7,099 | €303 | ▼ 95.7% |
| Gross operating margin9900 | €11,071 | €15,594 | €18,816 | €16,805 | €5,751 | €34,751 | €15,278 | €10,159 | ▼ 33.5% |
| Operating profit (loss)9901 | €7,395 | €11,894 | €16,628 | €13,573 | €2,841 | €29,483 | €6,819 | €6,313 | ▼ 7.4% |
| Financial charges65/66B | - | - | - | €301 | €527 | €565 | €911 | €686 | ▼ 24.8% |
| Recurring financial charges65 | €941 | €444 | €579 | €301 | €527 | €565 | €911 | €686 | ▼ 24.8% |
| Profit (loss) for the period before taxes9903 | €6,453 | €11,450 | €16,048 | €13,272 | €2,315 | €28,918 | €5,907 | €5,627 | ▼ 4.7% |
| Income taxes67/77 | -€6,984 | -€3,221 | -€1,671 | €3,750 | €7,893 | €3,750 | €7,105 | €12,749 | ▲ 79.4% |
| Profit (loss) for the period9904 | €13,438 | €14,671 | €17,720 | €9,522 | -€5,578 | €25,168 | -€1,197 | -€7,122 | ▼ 495% |
| Profit (loss) for the period to be appropriated9905 | €13,438 | €14,671 | €17,720 | €9,522 | -€5,578 | €25,168 | -€1,197 | -€7,122 | ▼ 495% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69,135 | €74,494 | €88,413 | €98,457 | €97,881 | €111,626 | €115,985 | €115,797 | ▼ 0.2% |
| Fixed assets21/28 | €8,370 | €6,205 | €14,443 | €15,192 | €15,017 | €10,117 | €17,457 | €22,205 | ▲ 27.2% |
| Tangible fixed assets22/27 | €7,836 | €5,671 | €13,909 | €14,800 | €14,626 | €9,726 | €17,066 | €21,814 | ▲ 27.8% |
| Furniture and vehicles24 | - | - | - | €14,800 | €14,626 | €9,726 | €17,066 | €21,814 | ▲ 27.8% |
| Financial fixed assets28 | €533 | €533 | €533 | €391 | €391 | €391 | €391 | €391 | = |
| Current assets29/58 | €60,765 | €68,289 | €73,970 | €83,265 | €82,864 | €101,509 | €98,528 | €93,592 | ▼ 5.0% |
| Amounts receivable within one year40/41 | €60,765 | €67,889 | €72,818 | €82,865 | €82,858 | €101,509 | €98,528 | €93,367 | ▼ 5.2% |
| Trade receivables40 | - | - | - | €27,810 | €30,488 | €3,165 | €3,589 | €752 | ▼ 79.1% |
| Other amounts receivable41 | - | - | - | €55,055 | €52,370 | €98,344 | €94,939 | €92,616 | ▼ 2.4% |
| Cash at bank and in hand54/58 | - | - | €753 | - | - | - | - | €56 | - |
| Deferred charges and accrued income490/1 | - | - | - | €400 | €6 | - | - | €169 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69,135 | €74,494 | €88,413 | €98,457 | €97,881 | €111,626 | €115,985 | €115,797 | ▼ 0.2% |
| Equity10/15 | €53,199 | €67,869 | €85,589 | €91,761 | €86,183 | €111,352 | €110,154 | €103,032 | ▼ 6.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €32,747 | €47,418 | €65,138 | €71,310 | €65,732 | €90,900 | €89,703 | €82,581 | ▼ 7.9% |
| Amounts payable17/49 | €15,937 | €6,625 | €2,824 | €6,696 | €11,697 | €274 | €5,831 | €12,765 | ▲ 119% |
| Amounts payable within one year42/48 | €15,937 | €6,625 | €2,824 | €6,696 | €11,697 | €274 | €5,831 | €12,765 | ▲ 119% |
| Financial debts43 | - | - | - | €1,533 | €3,475 | €152 | €3,125 | €4,756 | ▲ 52.2% |
| Credit institutions430/8 | - | - | - | €1,533 | €3,475 | €152 | €3,125 | €4,756 | ▲ 52.2% |
| Trade debts44 | €10,568 | €937 | €67 | €3,025 | €5,468 | €122 | €2,706 | €8,009 | ▲ 196% |
| Suppliers440/4 | - | - | - | €3,025 | €5,468 | €122 | €2,706 | €8,009 | ▲ 196% |
| Taxes, remuneration and social security45 | - | - | - | €2,138 | €2,754 | - | - | - | - |
| Taxes450/3 | - | - | - | €2,138 | €2,754 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,438 | €14,671 | €17,720 | €9,522 | -€5,578 | €25,168 | -€1,197 | -€7,122 | ▼ 495% |
| + Depreciation and write-downs630 | €2,329 | €1,007 | €1,261 | €2,409 | €1,497 | €4,900 | €1,360 | €1,768 | ▲ 29.9% |
| Operating cash flow (approximation) | €15,767 | €15,678 | €18,980 | €11,931 | -€4,081 | €30,068 | €163 | -€5,354 | - |
| Investment in fixed assets (approximation) | - | €1,158 | -€9,499 | -€3,158 | -€1,322 | €0 | -€8,700 | -€6,516 | ▲ 25.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as FRAVAL has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FRAVAL itself is higher: 2.4% within 12 months. It rests on far more data about FRAVAL than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for FRAVAL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00305072 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00434027 | |
| 31-12-2023 | micro format | 31-12-2024 | 2025-00629130 | |
| 31-12-2022 | micro format | 29-11-2023 | 2023-00520411 | |
| 31-12-2021 | micro format | 22-02-2023 | 2023-00032022 | |
| 31-12-2020 | micro format | 31-03-2022 | 2022-09900143 | |
| 31-12-2019 | micro format | 02-07-2021 | 2021-30500342 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-58400464 | |
| 31-12-2017 | micro format | 03-02-2019 | 2019-04500435 | |
| 31-12-2016 | full format | 08-08-2017 | 2017-41900373 |